Hi,
Since we have been using Tessitura, base price indicators were attached to the highest price for each event. But our Finance department now wants us to change to be our lowest price so Season Manager will jives with the actual budget done on lowest ticket price. Are there any negatives to doing this mid-season? My initial reaction is to wait until next season but if impact is minimal and benefits great, then now would be the time.
Thanks in advance for your words of wisdom.
Jeri
Hi Jeri,
If you change which price is base the result will be instant (or at least as of the next time Season Overview updates) and retroactive, so there is no harm I can see in changing it mid-season. Making the lowest price base may not be the best way to accomplish what they want, though.
The intention of base price is so that you can calculate the price of a seat if it was sold at whatever your full or standard price is. Generally that is more than any discounts you offer and possibly less than any dynamic price increase you implement. That figure is then used to calculate revenue capacity on the Season Overview and a few other reports. This allows you to track how much money you are losing to discounts or gaining to price increases. There is a separate place to store your budgeted revenue figures. That you can enter on each performance in the Budget field. That amount is then used on Season Overview for the Variance to Budget row and the % of Budget column, which is what it sounds like your finance department wants. If you aren’t currently using the Budget field on performances you can update it globally in Season Maintenance.
To sum up, it wouldn’t hurt to change the base price now, but it may not be the best way to give your finance department what they want. If you want to learn more on how of all of this works see the Season Overview document, which is still relatively new.
Kevin Sheehan
Documentation & Learning Resources Specialist
Tessitura Network
+1 888 643 5778 x 329
ksheehan@tessituranetwork.com